Digital Indians are enamoured with Buy Now Pay Later credit
3 years, 5 months ago

Digital Indians are enamoured with Buy Now Pay Later credit

Live Mint  

After two decades of innovation in financial services in India, one statistic stands out in its lack of scale—the number of unique credit card holders. But while BNPL sought to disrupt credit cards in the West, in India it represents a unique opportunity to leapfrog into an entirely new digital-first paradigm to enable small credit for the retail consumer. This stems from the unique opportunity to build a repeatable business around the 75 million+ customers who don’t have a credit card today but increasingly shop online. But beyond financing e-commerce, BNPL represents an even larger opportunity to build a broader financial services play for the next frontier of customers, and become a one-stop-shop for all their financial needs.

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History of this topic

Digital penetration: 65% of transactions done online in small towns
5 months, 2 weeks ago

Digital penetration: 65% of transactions done online in small towns

New Indian Express  

BENGALURU: Digital payments have penetrated small towns, as 65% of their transactions are digital, compared to 75% in larger cities. Interestingly, DDPU surpasses retail potential in some cities, such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad, and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top …

UPI transactions increasing in small towns in India but THIS age group still uses wallet, card
5 months, 2 weeks ago

UPI transactions increasing in small towns in India but THIS age group still uses wallet, card

India TV News  

A new report revealed that approximately 65 percent of transactions by consumers in small-town India are now digital, while in larger cities, this ratio is around 75 percent. The report, conducted by Kearney India and Amazon Pay India, highlights the leading role of India's millennials and Gen X in spearheading the digital payment revolution. Shashwat Sharma, Partner and Financial Services …

Banks rely on AI as digital transactions grow, and methodology of frauds evolves
7 months, 2 weeks ago

Banks rely on AI as digital transactions grow, and methodology of frauds evolves

Hindustan Times  

India’s digital transactions continue to see rapid growth, and that translates to big volumes. On April 24, the Reserve Bank of India barred Kotak Bank from issuing new credit cards for now, due to “the absence of a robust IT infrastructure and IT Risk Management framework.” It draws on a mix of factors, including reliability of the bank’s infrastructure alongside …

Credit cards in India to soon hit 100-million mark, RBI data reveals
10 months, 3 weeks ago

Credit cards in India to soon hit 100-million mark, RBI data reveals

Live Mint  

As of December 2023, there were 97.9 million outstanding credit cards, with a record 1.9 million additions during the month alone, the latest Reserve Bank of India data revealed. {{^adFree}} {{/adFree}} As of December 2023, there were 97.9 million outstanding credit cards, with a record 1.9 million additions during the month alone, the latest Reserve Bank of India data revealed. …

World Tourism Day 2023: Travel credit card applications surge five-fold; women lead the way, says study
1 year, 2 months ago

World Tourism Day 2023: Travel credit card applications surge five-fold; women lead the way, says study

Live Mint  

On World Tourism Day, observed on September 27, IndiaLends, a prominent online platform for personal loans and credit cards, unveiled the second edition of its report titled "IndiaLends’ TravelToGrow." With a customer base exceeding 17 million members, IndiaLends observed that 50 per cent of all credit card applications were for travel-focused credit cards starting from the 2022 travel season. With …

India ranks first in digital payments made globally: Report
1 year, 4 months ago

India ranks first in digital payments made globally: Report

Deccan Chronicle  

Hyderabad: Online banking and the shift to a cashless society started approximately three decades ago in India. This year, 91 billion digital payment transactions have been recorded and today India ranks first in the number of digital payments made globally. Backbase on Wednesday released the IDC Infobrief titled ‘Accelerating customer-centric transformation by balancing build and buy - A collaborative approach …

The Maths behind the rise in credit card transactions in India
1 year, 6 months ago

The Maths behind the rise in credit card transactions in India

Live Mint  

Rise in credit card transactions in India: After the Unified Payments Interface, now credit card transactions have surpassed debit card usage in India. When compared to debit cards, credit card transactions had a total value of ₹1.33 lakh crore as opposed to ₹53,000 crore. Historically dominated by debit card transactions, the shift towards credit cards is driven by several factors, …

E-commerce surge: India to add 80 million online shoppers by 2025
1 year, 8 months ago

E-commerce surge: India to add 80 million online shoppers by 2025

Live Mint  

New Delhi: India has gained 125 million online shoppers in the past three years, with another 80 million expected to join by 2025, according to a report by marketing data and analytics company Kantar. The increasing online presence is expected to boost e-commerce sales, as 77 million shoppers purchased from social platforms such as Facebook, WhatsApp and social-commerce sites in …

Fintech-Driven Digital Lending To Bridge Credit Gap In India, Says Report
1 year, 10 months ago

Fintech-Driven Digital Lending To Bridge Credit Gap In India, Says Report

News 18  

The fintech revolution is likely to spur digital lending in India, which is expected to surpass traditional avenues of lending by 2030. This will be driven by deeper inroads being made in the unsecured small-ticket size segment and the secured collateral-based high-ticket size market, according to the latest white paper Fintech-led Digital Lending: Coming of Age by Experian India in …

Count of debit and credit cards in circulation in India crosses 1b-mark
2 years ago

Count of debit and credit cards in circulation in India crosses 1b-mark

Deccan Chronicle  

Chennai: The number of debit and credit cards in circulation crossed the 1-billion mark in the country at the end of the September quarter. The number of outstanding credit cards climbed by 19 per cent from 65 million in September 2021 to 77.7 million in September 2022, while outstanding debit cards increased by 2 per cent from 920.3 million to …

Online Transactions Worth Rs 36 Trillion Made By Indians In Q2 2022
2 years, 2 months ago

Online Transactions Worth Rs 36 Trillion Made By Indians In Q2 2022

News 18  

India saw 20.57 billion online transactions worth Rs 36.08 trillion in the second quarter this year, a report showed on Tuesday. “UPI P2P accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants’ transactions, UPI P2M emerged as the preferred payment mode with a market share of 34 per cent in volume …

Mastercard CEO Applauds UPI, Says India is Set to Become Largest Digital Economy in the World
2 years, 4 months ago

Mastercard CEO Applauds UPI, Says India is Set to Become Largest Digital Economy in the World

News 18  

India has the potential to become the biggest digital economy in the world, Mastercard global CEO Michael Miebach has said. “What I see today, particularly through the lens of our business when we look at the digital economy and how it is growing in India and growth rates of UPI and so forth, there is technology put to work at …

We are well placed to let fintech lead the success of Digital India
2 years, 4 months ago

We are well placed to let fintech lead the success of Digital India

Live Mint  

From a 6.6% contraction in 2020-21, the Indian economy recorded a sharp rebound of 8.7% growth in 2021-22, by provisional estimates. The Niti Aayog report, India’s Booming Gig and Platform Economy, has underscored the role of fintech and a regulatory sandbox regime in helping India achieve its $5 trillion target. Broadly, the fintech sector is regulated under five regulations: the …

Indians are shopping online more than ever before
2 years, 5 months ago

Indians are shopping online more than ever before

Live Mint  

Online retail spending in India is expected to grow nearly sixfold to $300 billion by 2030, with expansion in the number of digitally-influenced shoppers and online shoppers, a Boston Consulting Group report said on Wednesday. According to the report, the number of digitally influenced shoppers has grown rapidly in recent years, reaching 280 million from 260 million and online shoppers …

India’s dependence on global cards, in five charts
2 years, 9 months ago

India’s dependence on global cards, in five charts

Live Mint  

Earlier this month, Visa and Mastercard, an international duopoly that accounts for 90% of global card transactions, decided to suspend its network services in Russia in protest against its invasion of Ukraine. While cash accounts for about a third of payments at the point of sale in both countries, credit and debit cards—the operating space of Visa and Mastercard—account for …

RBI's push for card security to hit merchants, lenders
3 years ago

RBI's push for card security to hit merchants, lenders

The Hindu  

The Reserve Bank of India's plans to move towards card tokenisation is likely to hit a wide range of companies from major e-commerce firms and food delivery firms to lenders, while increasing the use of cash, said industry sources and bankers. "Introducing an additional step in payments adds friction and several studies show that customers may end up dropping out …

What's behind Indians' credit card spending surge in recent months?
3 years, 1 month ago

What's behind Indians' credit card spending surge in recent months?

Business Standard  

Indians’ credit card spends in September jumped 57% on a year-on-year basis to Rs 80,000 crore, according to the latest data from the Reserve Bank of India. This represents 3.2% sequential growth, despite a high base of Rs 77,981 crore in August.In the past six months, the average monthly spending on a credit card increased to about Rs 12,400 from …

India to have 500 million online shoppers by 2030, says study
3 years, 3 months ago

India to have 500 million online shoppers by 2030, says study

Live Mint  

NEW DELHI: India's Internet user base is expected to touch 900 million by 2025, up from 622 million now, which will lead to multifold growth in online shopping, as per a joint report by MMA India and media agency GroupM released on Tuesday. The online retail market is set to expand three fold over the next four to five years, …

$271 bn consumer spending to shift from cash to cards,digital payments by 2023 in India:Accenture
4 years ago

$271 bn consumer spending to shift from cash to cards,digital payments by 2023 in India:Accenture

The Hindu  

About 66.6 billion transactions worth USD 270.7 billion are expected to shift from cash to cards and digital payments by 2023 in India, and further increase to USD 856.6 billion by 2030, a report by Accenture said on Tuesday. This rapid shift to digital payments due to the COVID-19 pandemic is urgently increasing the need for banks to modernise their …

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